Wednesday, January 27, 2010

Forex Support and resistance

Speculation the global economic recovery is slowing spurred demand for Japan's currency as a refuge. The yen advanced against all of its 16 major counterparts before a report today forecast to show German consumer prices fell this month, signaling Europe's largest economy is struggling to exit from recession. German consumer prices, calculated using a harmonized European Union method, fell 0.4 percent this month after rising 0.9 percent in December, according to a Bloomberg News survey before the Federal Statistics Office releases the data today.  The yen climbed to 125.52 per euro as of 6:49 a.m. in London from 126.16 yesterday in New York. It earlier rose to 125.30, the strongest level since April 28. The dollar weakened for a second day against the yen on concern the Federal Reserve will maintain its pledge to keep interest rates near zero for an "extended period" when it ends a two-day policy meeting today. Japan's currency advanced to 89.25 per dollar from 89.65, after reaching 89.14, the strongest since Dec. 18. The euro was little changed at $1.4059 from $1.4072. The Fed should keep its key overnight rate in a range of between zero and 0.25 percent today. Futures in Chicago show traders have been cutting bets the Fed will raise its target rate by June. The odds for an increase of at least 25 basis points were 21 percent, down from 26 percent odds a week ago.

Forex resistance & support
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EURUSD GBPUSD USDJPY USDCHF
1.4240 1.6340 91.10 1.0550
1.4160 1.6240 90.30 1.0510
1.4100 1.6170 89.90 1.0440